Thought Leadership

Tocqueville Gold Strategy Update

Tocqueville Gold Strategy Update

By John Hathaway on April 15, 2013

Gold bullion prices have been subjected to a cleverly orchestrated bear raid in our opinion. Selling of paper Comex contracts on Friday, April 12th, and Monday, April 15th, totaled 1 million contracts, exceeding global annual gold production by 12%. The attack succeeded when the technical support in the low $1500’s/oz. easily gave way and led …

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Paper Gold: Utopia for Alchemists

Paper Gold: Utopia for Alchemists

By John Hathaway on January 7, 2016

An acute shortage of readily marketable physical gold is developing that we believe will deepen in years to come. This possibility seems to be unrecognized by those who are short the gold market through paper contracts. The relentless dumping of synthetic or paper gold contracts since 2011 by speculators in Western financial markets has caused …

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Tocqueville Gold Strategy Investor Letter First Quarter 2012

Tocqueville Gold Strategy Investor Letter First Quarter 2012

By John Hathaway on April 9, 2012

During the first quarter of 2012, precious metals equities, as measured by the XAU index, declined 2.4% to 175.46, while gold bullion rose 6.7% to $1668.35.  In our opinion, the first quarter consisted of an important test of the low made by the metal in December at $1522.65.  Precious metals shares have been marking time …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2014

Tocqueville Gold Strategy Investor Letter Third Quarter 2014

By John Hathaway on October 3, 2014

Through September 30, the $US gold price declined 6%, after giving up much of the stronger gains that had been achieved through most of the year. The recent bout of weakness began in late August and coincided with the breakdown of the Yen and the Euro vs. the US dollar. Commentary from all quarters is …

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Tocqueville Gold Strategy Third Quarter 2017 Investor Letter

By John Hathaway on October 11, 2017

Contrarian Music Gold appears to have formed a solid base since bottoming at year-end 2015 at $1060.00/oz.  Through 9/29/17, the metal’s price increased 11.10%, even after a sharp pullback from its early September 2017 high of $1355.  As of September 30, 2017, the price stood at $1280.15, 20.75% above its low at year-end 2015. In …

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